A report released by the Commerce Department on Wednesday showed new home sales in the U.S. unexpectedly skyrocketed to their highest level in well over three years in the month of August.
The Commerce Department said new home sales soared by 20.5 percent to an annual rate of 800,000 in August after slumping by 1.8 percent to a revised rate of 664,000 in July.
Economists had expected new home sales to slip by 0.3 percent to an annual rate of 650,000 from the 652,000 originally reported for the previous month.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.